Reference no: EM132942885
Question - Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows:
Cost Retail
Celebrity Tan Co.
Merchandise inventory, August 1 $258,000 $368,000
Transactions during August:
Purchases (net) 2,962,000 4,232,000
Sales 4,353,000
Ranchworks Co.
Merchandise inventory, March 1 $196,000
Transactions during March through November:
Purchases (net) 2,600,000
Sales 4,401,000
Estimated gross profit rate 40%
Required -
1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations.
2. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations.
3. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $146,100 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?
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